Got the insurance companies offer for the 4Runner today..

[birchy]

As some of you might remember.. it was stolen and wrecked 2 weeks ago.

Insurance has offered me $12,610.

Did a quick search on the 3 most popular classifieds websites.. only 11 1999 4Runners for sale in the whole province.. the lowest cost of those is $12,900 and the average price is $15,600.



Thoughts?

 

[greyghost4x4]

I found mine on www.cars.com . I don't know that much about where you are located in Canada, or how taxes would apply if you purchased a vehicle in the U.S. I would look for the closest US city to you and then use that zip code for cars.com and see what you come up with. You will have to drive to get it obviously, but I drove 2 hours away and didn't even care. Hope I helped you out.

Evan

 

[Mr. Dabadina]

Well if they are only offering you $12,610 and the cheapest is $12,900 w/out taxes, then I would say that they need to give you more money for your 4runner. Especially if they average $15,600 in your area.
Like any negotiation, they're going to go low and you are going to go high. I would print off all of the '99s and their prices and give it to the adjuster. This should be enough justification for them to give you more money.
My question is, can the taxes that you have to pay for the new 4runner be justification for them to give you more money?

 

[maine runner]

Are those amounts in Canadian or US currency?

Looking at used retail in US will not help bolster your point. You should find out what the truck (same trim/mileage and condition sells for in Canada (entire country). Also look at used values on KBB for Canada.
Use this for the adjuster.

Insurance will not necessarily provide you the money to go out and get an identical truck. Just never works that way. Goal is to get close as you can.

 

[Ron Helmuth]

haggle and haggle some more

Well if they are only offering you $12,610 and the cheapest is $12,900 w/out taxes, then I would say that they need to give you more money for your 4runner. Especially if they average $15,600 in your area.
Like any negotiation, they're going to go low and you are going to go high. I would print off all of the '99s and their prices and give it to the adjuster. This should be enough justification for them to give you more money.
My question is, can the taxes that you have to pay for the new 4runner be justification for them to give you more money?

Mr. Dabadina has it right-negotiate the settlement, just like they are buying the vehicle. Also show them recent money you put into the vehicle-maybe you had a recent costly repair or new tires or an ARB bumper-anything you can document that you have into the vehicle that would now have to be replaced to be "whole" on the new vehicle. Don't settle for first offer-and yes they likely should give you some leeway for sales taxes on the new vehicle, or license fees if you just renewed.

 

[maine runner]

While I agree with part of Ron's post, it is important to note that auto insurance coverage is not based replacement value. It is an actual cash value policy.

Hypothetical:

If you had 1999 4Runner 4x4 LTD that cost 40k new in 1999 with 2k in mods and a kbb value of 7-10K today, they will offer 6 and you need to push them to 9. To replace, they average 12K in the used truck market.

As Ron said, push back. Did you see the insurance thread in the general forum. Worth reading too.